Solar Mosaic Inc. has raised $220 million in new funding aimed at expanding its rooftop solar loan business, Reuters reports.
The Oakland-based company's latest round of financing far eclipses the total equity it had previous raised — around $12 million, according to the company.
Mosaic offers loans of 30,000 on average with fixed interest rates to homeowners to purchase rooftop solar systems and connects them with PV installers. The financing ranges from 10 to 25 years, with interest rates of between 2.49% and 8.48%.
Private equity firm Warburg Pincus led the $220 million Series C financing, with Core Innovation Capital and Obvious Ventures also participating in the round, according to Reuters.
Mosaic secured $200 million in debt in April to finance loans for some 5,000 rooftop installations. More than 250 solar companies offer Mosaic's financing products.
The company plans to have approximately $1 billion available to homeowners for solar loans by next summer.
Popular content
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.